Endowment Shortfall

Buzzbee

Is there anybody out there who can give moi a little advice on my Endowment.I took out a Endowment with a Insurance Broker cant find the company anywhere no longer at the address(now a Hairdressers) back in December1987 for £33,500 Latest predicted shortfall @ 6% is £6,300 NOT IMPRESSED.After reading many comments totally confused where to go cant write to Broker as he is no longer there.Cant go to the complaints people as they are not interested as the Endowment was taken out prior to August 1988.Anybody got any ideas please

defender_of_the_weak

Chances are you have nowhere to go with this. If your broker has gone and it was sold before 1988 nobody can help you. The only slim chance you have is to contact the life insurer and ask them to verify the name and status of the adviser who sold the policy. Sometimes, 1 in a 100 the broker was working for a life company but telling people they were independent for mortgages.

EdInvestor

Hi buzzbee,

Can you provide some details about the policy?

Company it's with
Guaranteed sum assured
Bonuses so far
Monthly premium
Maturity date
Surrender value

Then we can see what to do

Buzzbee

Hope you are impressed with my detective work !!!!!!!!!! It appears that the Brokers were taken over by another Insurance company 7 years ago.The chap who sold me the policy is no longer with them,but the Director of the old company now works for the new company (but is on his holidays until next week).You all seem to have more of an idea than my goodself do you suggest I go back to the old Director or should I be speaking to Legal & General ??????

defender_of_the_weak

Contact L & G in the form of a formal complaint, but specifically request the identity and status of the adviser who sold the policy. If they were appointed representatives of L & G your complaint can go forward against them. If not you can try the brokers again but they are under no legal duty to review your case as it re-dates the Financial Services Act.

On a positive note L & G ran lots of brokers in the late 80's so you may get lucky

Buzzbee

Thanks defender of the weak I have drafted a letter of complaint to L&G tonight and it will be in the post first thing tomorrow morning.Watch this space !!!!!!!!!!!!!!!!